Blog

EXCLUSIVE: Credit Agricole may pay about $900 million in U.S. sanctions probes

France's Credit Agricole SA is nearing an agreement to pay about $900 million to resolve investigations into whether it illegally moved funds through the United States for blacklisted individuals and countries such as Sudan and Iran, according to a person familiar with the matter.

Talks are ongoing and the total penalty, negotiated by multiple U.S. agencies, could change. A second source described the current settlement as in the "high hundreds of millions" and suggested it could reach a $1 billion. The bank, France's third-largest listed lender, is expected to reach an accord as soon as this month, the two people said.

A spokeswoman for Credit Agricole had no immediate comment. Last month, Credit Agricole said it was in "very advanced talks" with U.S. authorities over the sanctions probes and it expected to reach a global settlement in autumn. It set aside an additional 350 million euros ($392 million) for a settlement. In total, Credit Agricole has earmarked 1.6 billion

Ads

﻿

About Us

At Compliance Alert we combine Governance, Risk, and Compliance expertise to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and media markets, powered by the world’s most trusted news organization.